Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Facebook ads boycott causes Zuckerberg to lose more than $7B a day

by DAILY SABAH WITH AGENCIES

ISTANBUL Jun 27, 2020 - 11:45 am GMT+3
Facebook CEO Mark Zuckerberg delivers the keynote address at Facebook's F8 Developer Conference at McEnery Convention Center in San Jose, California, April 18, 2017. (Photo by Justin Sullivan/Getty Images)
Facebook CEO Mark Zuckerberg delivers the keynote address at Facebook's F8 Developer Conference at McEnery Convention Center in San Jose, California, April 18, 2017. (Photo by Justin Sullivan/Getty Images)
by DAILY SABAH WITH AGENCIES Jun 27, 2020 11:45 am

More than 90 large companies’ decision to boycott Facebook ads over the amount of hate speech on the platform has caused the social media giant to erase roughly $56 billion from its market valuation and $7.2 billion from CEO Mark Zuckerberg’s net worth of $89.5 billion.

On Friday, Facebook’s stock dropped more than 8% and Twitter’s shares fell by 7% after Unilever, the European company behind brands such as Ben & Jerry’s, Lipton tea and Dove announced a new ad boycott on social media platforms through at least the end of the year.

The European company said it took the move to protest the amount of hate speech online. Unilever said the polarized atmosphere in the United States ahead of November's presidential election placed responsibility on brands to act.

Later in the day, Coca-Cola also announced it joined the boycott for at least 30 days.

"There is no place for racism in the world and there is no place for racism on social media," James Quincey, chairman and CEO of The Coca-Cola Company, said in a brief statement.

He said social media companies need to provide "greater accountability and transparency.”

American Honda said it would halt ads on Facebook in July, "choosing to stand with people united against hate and racism," adding to a list that includes U.S. telecom giant Verizon and sporting goods makers Patagonia, North Face and REI.

Zuckerberg had previously refused to take action against Trump's posts suggesting that mail-in ballots will lead to voter fraud, saying that people deserved to hear unfiltered statements from political leaders. Twitter, by contrast, slapped a “get the facts” label on them.

Until Friday, Trump's posts with identical wording to those labeled on Twitter remained untouched on Facebook, sparking criticism from Trump's opponents as well as current and former Facebook employees. Now, Facebook is all but certain to face off with the president the next time he posts something the company deems to be violating its rules.

However, after the boycott and subsequent losses on the stock market the social media giant was forced to announce new changes in its filtering policy.

Facebook said on Friday it would ban a "wider category of hateful content" in ads and add tags to posts that are "newsworthy" but violate platform rules – following the lead of Twitter, which has used such labels on tweets from Trump.

"We're also expanding our policies to better protect immigrants, migrants, refugees and asylum seekers" from hateful ads, he continued.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    facebook ads boycott zuckerberg twitter unilever coca cola company donald trump
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    A crude oil tanker sails in the Bosporus, on its way to the Mediterranean Sea, in Istanbul, Türkiye, Dec. 11, 2022. (Reuters Photo)

    Türkiye registers better-than-expected current account gap

    current-account-balance
     Eastern Anatolian Fault line triggered another fault segment called the Sürgü fault, Middle East Technical University (METU), Ankara, Feb. 9, 2023. (DHA Photo)

    Accumulated tension of hundreds of years moved Anatolia by 3m

    Harold-Tobin

    Istanbul's spectacular, historical grand bazaars and markets

    Travel

    Istanbul's consulate chronicles: Sudhi Choudhary, Consul General of India

    SUDHI-CHOUDHARY
    No Image
    Reborn Babies: Silent bundles of joy
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021